Section 31 in Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018
31. Irregularity in procedure.
- No settlement order or rejection of a settlement application shall be void on ground of any defect in procedure or calculation of the settlement amount or on account of any vacancy in or any defect in the constitution of any committee under Chapter V:Provided that, nothing in these regulations shall prohibit the Board from revoking the settlement order where the applicant fails to pay any difference due to any discrepancy in calculation of the settlement amount:Provided further that, the applicant shall continue to be bound by the waivers given in respect of limitation or laches in respect of initiating or continuing or restoring of any legal proceeding and the waivers given in sub-paras (d), (e) (f) and (g) of para 12 of the undertaking and waivers as provided in Part-C of the Schedule-I.
